Lockheed Martin Beats Profit Expectations, Lifts Outlook

Lockheed Martin Corp. reported on Tuesday a first-quarter profit that declined to $878 million, or $2.74 a share, from $933 million, or $2.87 a share, in the year-earlier period. That beat the FactSet consensus estimate of $2.50 a share. The defense contractor and aerospace company said sales fell to $10.11 billion from $10.65 billion, missing the FactSet consensus of $10.24 billion, as declines in its aeronautics, information systems and missiles and fire control businesses offset increases in mission systems and training and space systems businesses. For 2015, the company raised its EPS outlook to a range of $10.85 to $11.15 from $10.80 to $11.10, but affirmed its sales outlook of $43.5 billion to $45 billion. The stock, which inched up 0.9% in light premarket trade, has advanced 2.2% year to date, while the S&P 500 has gained 2%.